Chuck Barberini Weekly Newsletter

Chuck Barberini Real Estate - Weekly Newsletter

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Happy Father's Day

Father’s Day, 2024 is a tribute to all father’s and a special toast to those dad’s that got it right. Like the old Bud Light Commercial say’s “Here’s to You, Real Men of Genius”, Here’s to you Mr. Baseball Coaching Dad, Mr. lugging bags of equipment, Mr. Pile 11 kids into a station wagon, Mr. Prep the field, Mr. leave work early only to stay up late to catch up, Mr. Selfless, Here’s to you real men.

I often feel so blessed for so many things in my life, My Dad, up until 5 years ago, was the captain of my ship. Where I grew up and the opportunities that were provided me by real men of genius. We lived in Visitacion Valley, behind the Church was a small baseball field, Costa Field, which was named for John Costa, a coach and mentor to so many and, as far as I know, was instrumental in building the field.

I was fortunate to have been coached from third grade through 8^th grade by Jack Voelker, (Uncle Jake) a San Francisco Fireman and a true mentor. There was a group of men that coached the teams coming through, drove us to games and put up with our childish non-sense. Mr. Costa, Uncle Jack, Big Chuck, Rudy Stuehler, Ron Morales plus others, all selflessly brought kids together, taught them how to compete, how to win, how to overcome adversity and to prepare them for life. So many kids from that program went on to play High School ball and some even competed in college sports. These men maintained a legacy at that small ball field on the far edge of San Francisco.

I was with some high school friends a while ago and we were talking about that small baseball field behind the church. Strangely other schools did not enjoy coming to play at our home field as much as we enjoyed hosting, maybe some home cooking going on. We shared some memories about competing in San Francisco sports and about some of the men who stood out in our memories, Mr. Rocca at St. Gabe’s, Mr. Bross at Epiphany, Mr. Sewell at St Emydius, Mr. King at St. Andrews. My friend Jay Bechtel shares a memory of his dad coming straight from work, still in his dress pants and button shirt with his tie tucked in and sleeves rolled up, sporting a pair of spikes and pitching batting practice.

Here’s to you Dad’s, for all that you do, teaching by example and showing the way. Real Men of Genius.

Let me know what you think.

This Weeks Top Story

Jerome Powell On Housing: June 11-12 FOMC Meeting

At the FOMC press conference on June 12, 2024, Jerome Powell gave an opening statement and answered questions from reporters.

The Federal Reserve decided to maintain the current federal funds rate rate and signaled only one rate cut by the end of 2024, down from the three cuts previously suggested. Despite inflation easing slightly, it remains high enough to raise concerns about long-term stability, though the Fed did note the recent progress toward their 2% goal.

The Fed’s updated “dot plot” indicates a general leaning toward a more aggressive rate-cutting path in 2025, given the right conditions, with a projected federal funds rate of 4.1% by the year’s end.

Keep reading for the direct timestamps and transcripts for every time Powell mentioned housing during the press conference.

And be sure to tune into today’s Hot Sheet, where Byron Lazine broke it all down.

COMMENTS ON HOUSING FROM POWELL’S OPENING STATEMENT

Fed Chair Jerome Powell’s opening statement only mentioned housing once—listing it among the essentials consumers are finding less affordable. He reiterates the motives behind the Fed’s monetary policy decisions.

04:22 – “My colleagues and I are acutely aware that high inflation imposes significant hardship as it erodes purchasing power especially for those least able to meet the higher costs of essentials like food, housing and transportation.

“Our monetary policy actions are guided by our dual mandate to promote maximum employment and stable prices for the American people. In support of these goals, the committee decided at today’s meeting to maintain the target range for the federal funds rate at 5.25% to 5.5% and to continue reducing our securities holdings.”

HOUSING-RELATED COMMENTS FROM Q&A SEGMENT

27:26 – FOLLOW-UP QUESTION FROM MICHAEL MCKEE, BLOOMBERG RADIO AND TELEVISION:

“Is there any kind of concern for the housing Industry or financial stability/banks in leaving rates where they are for too long at this point?”

Jerome Powell:

“You know the housing situation is a complicated one and you can see that’s a place where rates are really having a significant effect. Ultimately the best thing we can do for the housing market is to bring inflation down so that we can bring rates down so that the housing market can continue to normalize. There will still be a national housing shortage as there was before the pandemic. There will still be one, but the distortions that we see now with lock-ins and things like that, you know, low mortgages.

Finish - The Full Story

Posted by:

Sarah Lentz

June 13, 2024

Housing Market